After the fire, the owners were given a 10-year tax break by the Broome County Industrial Development Agency board, who wanted to see the building return to its original form. The tax break came in the form of a PILOT, or payment in lieu of taxes.

The tax break program allowed two years for construction, but construction was delayed a year because of lawsuits and insurance payouts.

On Monday, officials discussed amending the PILOT agreement to add another year for construction, saying progress has been made, but the owners need more time.

"I'm pretty happy that they're back and they've started construction and we will have an occupied space," said Scott Snyder, Binghamton City Assessor.

Council members said they would make a decision at a later date.

The building is set to open in July 2014 as a mixed-use space with student apartments, and retail space on the first floor.